Scorpio Tankers Announces Reduction in Commercial Management Fees
September 18 2018 - 6:30AM
Scorpio Tankers Inc. (NYSE:STNG) (“Scorpio Tankers” or the
“Company”) announced today that the Company and its commercial
manager, Scorpio Commercial Management S.A.M. (“SCM”), a related
party affiliate, have agreed that SCM will reimburse certain of the
commissions that SCM charges the Company’s vessels to effectively
reduce such to 0.85% of gross revenue per charter fixture,
effective from September 1, 2018 and ending on June 1, 2019.
About Scorpio Tankers Inc.
Scorpio Tankers Inc. is a provider of marine
transportation of petroleum products worldwide. Scorpio Tankers
Inc. currently owns or finance leases 109 product tankers (38 LR2
tankers, 12 LR1 tankers, 45 MR tankers, 14 Handymax tankers) with
an average age of 3.1 years and time or bareboat charters-in 14
product tankers (one LR2 tanker, six MR tankers and seven Handymax
tankers). Additional information about the Company is available at
the Company's website www.scorpiotankers.com, which is not a part
of this press release.
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. Scorpio Tankers desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words “believe,” “expect,” “anticipate,” “estimate,” “intend,”
“plan,” “target,” “project,” “likely,” “may,” “will,” “would,”
“could” and similar expressions identify forward-looking
statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, management’s examination of historical operating
trends, data contained in the Company’s records and other data
available from third parties. Although management believes that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond the Company’s control, there can be no assurance that
Scorpio Tankers will achieve or accomplish these expectations,
beliefs or projections. The Company undertakes no obligation, and
specifically declines any obligation, except as required by law, to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
In addition to these important factors, other
important factors that, in the Company’s view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include, unforeseen liabilities, future
capital expenditures, revenues, expenses, earnings,
synergies, economic performance,
indebtedness, financial condition, losses,
future prospects, business and management
strategies for the management, expansion and growth of the
Company’s operations, risks relating to the integration of the
operations of Navig8 Product Tankers Inc. (“NPTI”) and the
possibility that the anticipated synergies and other benefits of
the acquisition of NPTI will not be realized or will not be
realized within the expected timeframe, the outcome of any legal
proceedings related to the merger with NPTI and the related
transactions, the failure of counterparties to fully perform their
contracts with the Company, the strength of world economies and
currencies, general market conditions, including fluctuations in
charter rates and vessel values, changes in demand for tanker
vessel capacity, changes in the Company’s operating expenses,
including bunker prices, drydocking and insurance costs, the market
for the Company’s vessels, availability of financing and
refinancing, charter counterparty performance, ability to obtain
financing and comply with covenants in such financing arrangements,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, vessels breakdowns and instances of
off-hires, and other factors. Please see Scorpio Tankers’ filings
with the U.S. Securities and Exchange Commission for a more
complete discussion of certain of these and other risks and
uncertainties.
Contact Information
Scorpio Tankers Inc.212-542-1616
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